H&T INTELLIGENT(SZ:002402) Soochow Securities·2024-03-31 16:00Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for its stock performance in the near future [6][7]. Core Insights - The company's short-term operating performance is slightly below expectations, but its long-term development remains robust. In 2023, the company achieved revenue of 7.51 billion yuan, a year-on-year increase of 25.9%, while the net profit attributable to shareholders was 331.43 million yuan, a decrease of 24.3% [6][7]. - The controller business segment reported revenue of 7.22 billion yuan, up 26.9% year-on-year, driven by increased customer acquisition and order fulfillment [6][7]. - The company is focusing on R&D innovation, with R&D expenses rising by 39.9% to 520 million yuan, which is expected to enhance its market share in the smart control sector [18]. Financial Performance Summary - Total revenue for 2022 was 5.965 billion yuan, with projections of 7.507 billion yuan for 2023, 9.668 billion yuan for 2024, 12.578 billion yuan for 2025, and 15.102 billion yuan for 2026, reflecting a compound annual growth rate [1]. - The net profit attributable to shareholders for 2022 was 437.62 million yuan, with forecasts of 331.43 million yuan for 2023, 526.59 million yuan for 2024, 693.16 million yuan for 2025, and 866.51 million yuan for 2026 [1]. - The company's earnings per share (EPS) is projected to increase from 0.36 yuan in 2023 to 0.93 yuan in 2026 [1]. Operational Efficiency - The company has increased its sales, management, and R&D expense ratios, which have impacted net profit margins in the short term but are expected to benefit long-term growth [2]. - Inventory turnover has improved, and overall raw material inventory levels have decreased, indicating enhanced operational efficiency [2].